3 May 2024
Aquila European Renewables
plc
Net Asset Value and Factsheet - March
2024
Aquila European Renewables plc (the
Company), a Euro income fund, announces its unaudited net asset
value ("NAV") as at 31 March 2024, on a cum-income
basis, was EUR 353,538,451
or 93.5
cents per ordinary share. This represents a NAV
total return of (3.7%) per Ordinary Share over the
quarter.
Key drivers of the NAV movement in
Q1 2024:
|
·
|
Decrease in European, especially
Iberian, short-term power price forecasts relative to Q4 2023,
mirroring lower commodity prices and demand due to mild winter
weather conditions, partially offset by increase in Nordic
mid-to-long term forecast prices driven by expectation of higher
carbon prices and slower wind buildout due to higher investment
costs (-4.3 cents per Ordinary Share);
|
|
·
|
Marginal decrease in risk-free rates
across the portfolio (+2.1 cents per Ordinary Share);
|
|
·
|
Higher balancing costs for Nordic
assets, new generation tax in Spain and increased social cost
assumptions in Portugal (-2.4 cents per Ordinary Share).
|
A sensitivity of NAV against
discount rates, inflation and power prices can be found
below.
|
Assumption
|
Impact on
NAV per
Ordinary Share
|
|
Discount rate
|
+0.5%
|
-5
cents
|
|
-0.5%
|
+5
cents
|
|
Inflation
|
+0.5%
|
+5
cents
|
|
-0.5%
|
-4
cents
|
|
Power price
|
+10.0%
|
+11
cents
|
|
-10.0%
|
-11
cents
|
Further details will shortly be
available in the quarterly factsheet on the Company's website at:
https://www.aquila-european-renewables.com.
For further details
contact:
For further details
contact:
Media contacts
Edelman Smithfield
Ged Brumby 07540-412301
Hamza Ali 07976 308914
Sponsor, Broker and Placing Agent
Numis Securities 020 7260 1000
Tod Davis
David Benda
George Shiel
NOTES
The objective of Aquila European
Renewables plc is to provide investors with an attractive
long-term, income-based return in EUR through a diversified
portfolio of wind, solar PV and hydropower investments across
continental Europe and Ireland. Through the diversification of
generation technologies, the seasonal production patterns of these
asset types complement each other to balance the cash flow, while
the geographic diversification serves to reduce exposure to one
single energy market. In addition, a balance is maintained between
government supported revenues, fixed price power purchase
agreements and market power price risk.
www.aquila-european-renewables.com
LEI: 213800UKH1TZIC9ZRP41